Posts Tagged ‘tax’

Most businesses are formed as corporations or LLCs.  This is done to provide liability protection to the owner of the business from the risks, debts and obligations of the business.  Absent special circumstances (for example, “piercing the corporate veil” or personal guaranties of debts) creditors cannot look past the corporate entity to recover unpaid obligations.  [...]

Senate bill 437 is a new piece of legislation being introduced by Senator Arlin Spector (R-Pa.) and back by numerous Republicans and Democrats alike.  If passed, the Bill would dramatically effect how plaintiffs firm operate, namely how tax write-offs are handled within Firms that operate on contingent fee agreements (e.g. personal injury, employment, civil rights, [...]

For federal tax purposes, an LLC with one owner is referred to as an entity that is not separate from its owner (a “disregarded entity”) unless an election is made for it to be treated as a corporation.
An upcoming change affects how single-member LLCs will be required to pay employment taxes.
For wages paid before Jan. [...]